Shoprite announces plans to exit the Nigeria market


Shoprite announced on Monday their intention to sell their majority stake in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited to other investors. The company has seen reduced profits in markets outside of South Africa, and this withdrawal may represent concerted efforts to cut their losses and refocus on their local markets. The lockdowns and also the volatile currency and inflation in other countries in the continent has created some difficulty for the retailer.

Shoprite began operations in Lagos, Nigeria in 2005 and expanded to multiple states in the country over the years.

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